Accounting policies are the rules, principles and procedures implemented by the organization to ensure transactions properly and are used to prepare the financial statements correctly. Accounting policies are shown as a part of notes to accounts. Accounting policies are for all transactions such as revenue recognition, depreciation and fixed assets, fair value measurements etc. Requirement-1: To determine: In the question, we have to explain the accounting policies for revenue recognition of Apple’s Inc. from its financial statements.

Question

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Answer 1

Question

Chapter 3, Problem 1BTN

To determine

Concept Introduction:

Accounting policies are the rules, principles and procedures implemented by the organization to ensure transactions properly and are used to prepare the financial statements correctly. Accounting policies are shown as a part of notes to accounts.

Accounting policies are for all transactions such as revenue recognition, depreciation and fixed assets, fair value measurements etc.

Requirement-1:

To determine:

In the question, we have to explain the accounting policies for revenue recognition of Apple’s Inc. from its financial statements.

To determine

Requirement-2:

To determine:

We have to determine from Apple’s financial statements that how Apple Company applies the revenue recognition principles and on what time it recognizes revenue.

To determine

Requirement-3:

To determine:

We have to calculate Apple’s profit margin for fiscal years September 26, 2015 and September 27, 2014 from its financial statements.

To determine

Requirement-4:

To determine:

We have to compute the profit margin for any subsequent year after September 26, 2015 and have to compare the same from the profit margin of September 28,2013.

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A company sells a product for $25 per unit. The variable cost per unit is $15, and the total fixed costs are $50,000. a) How many units must the company sell to break even? b) If the company wants a profit of $10,000, how many units must it sell?

Answer 2

Question

Chapter 3, Problem 1BTN

To determine

Concept Introduction:

Accounting policies are the rules, principles and procedures implemented by the organization to ensure transactions properly and are used to prepare the financial statements correctly. Accounting policies are shown as a part of notes to accounts.

Accounting policies are for all transactions such as revenue recognition, depreciation and fixed assets, fair value measurements etc.

Requirement-1:

To determine:

In the question, we have to explain the accounting policies for revenue recognition of Apple’s Inc. from its financial statements.

To determine

Requirement-2:

To determine:

We have to determine from Apple’s financial statements that how Apple Company applies the revenue recognition principles and on what time it recognizes revenue.

To determine

Requirement-3:

To determine:

We have to calculate Apple’s profit margin for fiscal years September 26, 2015 and September 27, 2014 from its financial statements.

To determine

Requirement-4:

To determine:

We have to compute the profit margin for any subsequent year after September 26, 2015 and have to compare the same from the profit margin of September 28,2013.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 1BTN

To determine

Concept Introduction:

Accounting policies are the rules, principles and procedures implemented by the organization to ensure transactions properly and are used to prepare the financial statements correctly. Accounting policies are shown as a part of notes to accounts.

Accounting policies are for all transactions such as revenue recognition, depreciation and fixed assets, fair value measurements etc.

Requirement-1:

To determine:

In the question, we have to explain the accounting policies for revenue recognition of Apple’s Inc. from its financial statements.

To determine

Requirement-2:

To determine:

We have to determine from Apple’s financial statements that how Apple Company applies the revenue recognition principles and on what time it recognizes revenue.

To determine

Requirement-3:

To determine:

We have to calculate Apple’s profit margin for fiscal years September 26, 2015 and September 27, 2014 from its financial statements.

To determine

Requirement-4:

To determine:

We have to compute the profit margin for any subsequent year after September 26, 2015 and have to compare the same from the profit margin of September 28,2013.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 1BTN

To determine

Concept Introduction:

Accounting policies are the rules, principles and procedures implemented by the organization to ensure transactions properly and are used to prepare the financial statements correctly. Accounting policies are shown as a part of notes to accounts.

Accounting policies are for all transactions such as revenue recognition, depreciation and fixed assets, fair value measurements etc.

Requirement-1:

To determine:

In the question, we have to explain the accounting policies for revenue recognition of Apple’s Inc. from its financial statements.

To determine

Requirement-2:

To determine:

We have to determine from Apple’s financial statements that how Apple Company applies the revenue recognition principles and on what time it recognizes revenue.

To determine

Requirement-3:

To determine:

We have to calculate Apple’s profit margin for fiscal years September 26, 2015 and September 27, 2014 from its financial statements.

To determine

Requirement-4:

To determine:

We have to compute the profit margin for any subsequent year after September 26, 2015 and have to compare the same from the profit margin of September 28,2013.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 1BTN

To determine

Concept Introduction:

Accounting policies are the rules, principles and procedures implemented by the organization to ensure transactions properly and are used to prepare the financial statements correctly. Accounting policies are shown as a part of notes to accounts.

Accounting policies are for all transactions such as revenue recognition, depreciation and fixed assets, fair value measurements etc.

Requirement-1:

To determine:

In the question, we have to explain the accounting policies for revenue recognition of Apple’s Inc. from its financial statements.

To determine

Requirement-2:

To determine:

We have to determine from Apple’s financial statements that how Apple Company applies the revenue recognition principles and on what time it recognizes revenue.

To determine

Requirement-3:

To determine:

We have to calculate Apple’s profit margin for fiscal years September 26, 2015 and September 27, 2014 from its financial statements.

To determine

Requirement-4:

To determine:

We have to compute the profit margin for any subsequent year after September 26, 2015 and have to compare the same from the profit margin of September 28,2013.

Answer 6

Chapter 3, Problem 1BTN

To determine

Concept Introduction:

Accounting policies are the rules, principles and procedures implemented by the organization to ensure transactions properly and are used to prepare the financial statements correctly. Accounting policies are shown as a part of notes to accounts.

Accounting policies are for all transactions such as revenue recognition, depreciation and fixed assets, fair value measurements etc.

Requirement-1:

To determine:

In the question, we have to explain the accounting policies for revenue recognition of Apple’s Inc. from its financial statements.

Answer 7

Chapter 3, Problem 1BTN

To determine

Concept Introduction:

Accounting policies are the rules, principles and procedures implemented by the organization to ensure transactions properly and are used to prepare the financial statements correctly. Accounting policies are shown as a part of notes to accounts.

Accounting policies are for all transactions such as revenue recognition, depreciation and fixed assets, fair value measurements etc.

Requirement-1:

To determine:

In the question, we have to explain the accounting policies for revenue recognition of Apple’s Inc. from its financial statements.

Answer 8

To determine

Requirement-2:

To determine:

We have to determine from Apple’s financial statements that how Apple Company applies the revenue recognition principles and on what time it recognizes revenue.

Answer 9

To determine

Requirement-2:

To determine:

We have to determine from Apple’s financial statements that how Apple Company applies the revenue recognition principles and on what time it recognizes revenue.

Answer 10

To determine

Requirement-3:

To determine:

We have to calculate Apple’s profit margin for fiscal years September 26, 2015 and September 27, 2014 from its financial statements.

Answer 11

To determine

Requirement-3:

To determine:

We have to calculate Apple’s profit margin for fiscal years September 26, 2015 and September 27, 2014 from its financial statements.

Answer 12

To determine

Requirement-4:

To determine:

We have to compute the profit margin for any subsequent year after September 26, 2015 and have to compare the same from the profit margin of September 28,2013.

Answer 13

To determine

Requirement-4:

To determine:

We have to compute the profit margin for any subsequent year after September 26, 2015 and have to compare the same from the profit margin of September 28,2013.

Answer 14

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Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 3 - Prob. 1DQ Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - Prob. 8DQ Ch. 3 - Prob. 9DQ Ch. 3 - Prob. 10DQ

Requirement-2: To determine: We have to determine from Apple’s financial statements that how Apple Company applies the revenue recognition principles and on what time it recognizes revenue.

Requirement-3: To determine: We have to calculate Apple’s profit margin for fiscal years September 26, 2015 and September 27, 2014 from its financial statements.

Requirement-4: To determine: We have to compute the profit margin for any subsequent year after September 26, 2015 and have to compare the same from the profit margin of September 28,2013.

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Chapter 3 Solutions

Requirement-2:

To determine:

We have to determine from Apple’s financial statements that how Apple Company applies the revenue recognition principles and on what time it recognizes revenue.

Requirement-3:

To determine:

We have to calculate Apple’s profit margin for fiscal years September 26, 2015 and September 27, 2014 from its financial statements.

Requirement-4:

To determine:

We have to compute the profit margin for any subsequent year after September 26, 2015 and have to compare the same from the profit margin of September 28,2013.